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00:30:01

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TOPIC FREQUENCY

U.s. 9, Us 3, Lufthansa 3, Obama 3, Eu 2, Iran 2, Angela Merkel 2, China 2, Europe 2, Syria 2, Canada 2, Frankfurt 2, Maryland 2, Nation 1, Ecb 1, The City 1, Lorca 1, Terry Martin 1, Ben Bernanke 1, Conrad 1,
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  KCSMMHZ    Journal  

    September 7, 2012
    2:30 - 3:00pm PDT  

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captioned by the national captioning institute --www.ncicap.org-- >> hello. welcome to "the journal." >> here is what we have coming up in the next half hour. a striking german air travel for a second time. >> a big sum up to the european central banks plan to save the euro. >> why are food prices rising so rapidly? what can we do? we take and in depth look.
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>> york flight has been canceled. that is what many live tans the passengers have been hearing this friday. -- lufthansa passengers heard. >> the strike threat was lifted after the german based carrier finally agreed to a key union demand. the logistical backlog means some flights will be expected to be canceled on friday -- saturday as well. >> live tons ufthansa has been g emails and text messages. others had to wait. >> we had a flight today to venezuela. thank god this is solved.
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today's flight was still canceled. >> i have to wait. it may be a good option to go in the center of the city and pay a visit. >> 80,000 cabin crews wanted to end the outsourcing of cabin crews on lufthansa flights. >> of course we want go back to work but we have demands. i think they are clear enough. >> they are ready to let least meet one of the demands, stop using cheaper contract workers on their flights. >> we are at frankfurt airport following the story. >> we got this updated while ago. >> the chaos that many in frankfurt feared it did not happen. they have been formed thousands of their passengers by text message or email about a
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canceled flight sang the situation was not as bad as it had been during other airline strikes. both sides had agreed to a mediation process and lufthansa agreed to refrain from using contract workers. it was one of the big demands by the union. the mediation process is good news for passengers. burduring that time, there wille no strikes. >> it is the least of worries plaguing the new airport in berlin. it has suffered a series of embarrassing setbacks and now the opening has been delayed again until october 27, 2013. >> the technical director made the announcement after meeting with the airport board of directors. in total, the delays have doubled the airports price tag now sitting at $4.30 billion --
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4.3 billion euro. banking shares are enjoying the biggest boost. >> thursday, the ecb announced the unlimited bond buying plan and it sent the bond yields for spain and italy lower. >> madam "fine by me." chancellor angela merkel is backing the plan to buy bonds from troubled eurozone countries. >> the european central bank is an independent and reliable institution. it is responsible for the european monetary stability. the central bank made it clear that they will stay true to their mandate. >> despite heavy criticism grown coalition, she was defending the decision to buy bonds under strict conditions.
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>> it is a borderline decision. i can only emphasize that we have to fix the underlying structural issues causing the crisis pushing billions of dollars back and forth will not solve the problems. >> many of the parliamentary members feel the ecb decision goes too far. they say parliamentary approval is required. >> the central bank has declared they can unilaterally decide when they will buy bonds, for how long, and under what conditions. currently, no limits are in place. that's not acceptable in the long run. >> angela merkel's support has gained her a newfound popularity abroad. now she only has to convince from parliament back in germany. >> joining us now for more on this is terry martin. it looks like the chancellor did
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not get her way, but the rest of the world seems pretty happy. has the ecb's decision hurt her? >> it looks like a defeat for the chancellor. in her approach to the crisis, she had emphasized fiscal discipline, austerity, and the ecb decision sends a very sick -- different signal to the ecb saying they will buy up on lamented short-term bonds sending a very different signal from one the chancellor is saying. the chancellor have little choice but to accept the ecb decision, so she's tried to put a good face on it saying the ecb decision will be attached to very specific terms for the rescue packages for any countries that are selling the bonds to the ecb. she seems to be happy about that. >> the opposition to the
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eurozone bailout seems to be growing. could germany still and up locking the bailout process? >> everyone is awaiting a constitutional court decision next week concerning the european stability mechanism in this bailout fund. if the constitutional court puts strains on the german ratification of that, it could slow the bailout efforts within europe. germany definitely wants the efforts to go through in some form because germany depends on a robust european economy for exports. germany could, indeed, change it up. >> terry martin, thanks. >> on now to some sobering news in the united states and a convention of party hang over in the form of disappointing jobs numbers. president barack obama promised to lead the nation "to a better
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place" and warned the road ahead would be difficult. it was revealed the u.s. economy added only 96,000 jobs, well below the 125,000 economists had been expecting. the unemployment rate dropped but the weak data played in to the hands of the opposition. >> republican presidential hopeful met romney said the jobs report proves obama's policies have not worked and no president since the great depression has been reelected with unemployment over 7.2%. >> more on the u.s. presidential election in a moment, but first on to the markets and weaker than expected unemployment data which was in focus. many are betting it will prompt further stimulus by the u.s. federal reserve. as a result, european stocks climbing higher ending their biggest weekly rally in three months.
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conrad sent us this summary from the frankfurt stock exchange. >> bad news from the american labor market's leading to buying stocks on the market. the situation in the labor market is very much linked to the speculation. the news in august, much fewer new jobs were created than economists had anticipated. soon, ben bernanke and the federal reserve might do more quantitative easing in order to give the u.s. economy a boost. investors bought stocks the day after the investments of the ecb president on monetary policy for the eurozone. >> conrad for us in frankfurt. let's take a close look at friday's numbers. dax finishing at 7214.
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across the atlantic, the dow jones is flat at this hour. the euro looking stronger against the dollar trading at $1.2792. >> the faltering world economy is not enough to slow down german export growth. the federal statistics office reported a 9% year-over-year increase for july. >> exports to countries outside of europe for particularly strong. they had anticipated lower growth in july but the value of german goods and services exceeded the value of imports by nearly 17 billion euro. canada has severed diplomatic ties with iran. the former -- the foreign minister said iranian diplomats have of five days to leave canada and he slammed their stance on israel and syria.
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the foreign affairs chief also expressed concerns about iran. those comments coming during an informal eu meeting in cyprus. the german foreign minister saying that they're wanting to sanctions in response to the sanctions program. there is growing impatience among eu members over the lack of process after months of negotiations. how to get supplies of medicine and food to the people of syria, that was at the top of the agenda when the new head of the red cross met with the syrian president. >> they describe the talks as positive, but he says he was shocked by what he saw on the ground. >> these images are it should -- are showing fighting in aleppo.
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they have ousted people from different regions of the city. many are trapped. the world food program says the humanitarian situation is serious. the new president of the red cross met with bashar al-assaad. many people have died because they could not get help. >> now we will have to see if come together, we can come up with concrete steps. >> there are hundreds of thousands of wounded people in desperate need of help, many of them children. aid organizations say providing them with much-needed medicine and food is their top priority. >> as we reported earlier, u.s.
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president barack obama has accepted his party's nomination and promises to win the white house again in november. >> they closed the democratic convention with promises tied to a good dose of reality sang the coming years, be easy. >> barack obama said the american people are facing the biggest chores in a generation. the path ahead, he said, will be challenging the they can be met. in his address last night, he laid out his blueprint for american recovery. >> i'm asking you to rally around a center pose for your country, manufacturing, energy, education, national security and the opposite. that is what we can do in the next four years and why am running for a second term of president of the united states. >> america's struggling economy has been the biggest teams are in the election. he asked voters to be patient. >> you did not elect me to tell
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you what you wanted to hear. you elected me to tell the truth. the truth is it will take more than a few years for us to solve challenges that have built up over decades. >> the president also spoke of equal opportunity reaching out to latino and african-american voters who could be crucial in the election. he also defended his health-care reform and announced an ambitious plan to invest more in u.s. education. many people in the audience seemed energized by the speech. >> i think he was very precise. i think he spelled out exactly what he plans to do and i think he motivated dollar was to get out and vote. the stage was fabulous. it was inspiring. it made us all want to go out and work for obama right now. "the democrats hope to capitalize on that enthusiasm. they're born to needed as they head into two months of relentless campaign. >> let's get a quick update from
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the first qualifier for the 2014 world cup finals. they have just gone up 1-0 against the faroe islands. they held on for 27 minutes. cracking one in. >> nice one. we're back in a minute.
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>> the most severe and widespread drought that hit the u.s. in over half a century and forecasters say there's not much rain in sight. >> crop failures have pushed up grain prices meaning higher feed costs for meat producers. >> we visited one born in the state of maryland to gauge just how bad the situation is. he is harvesting corn on his farm in the eastern u.s. state of maryland. for weeks now, there has been little rain.
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>> we got about half an inch of rain yesterday, but it was too late. we needed this rain back in june and july. we need several inches at one time. >> he says he will harvest about half of what he expected. the lack of rain and his crops have not run. >> this is a typical ear of corn. this did not pollinate right. it should be 12-15 inches long. it is the only live length of the palm of my hand. we do not key mark this. if >> his father is 73 years old and says he can remember radar -- a drought like this. crop yields were already low, but this year it's worse than ever. >> this is the third year for me. my crop insurance approve the yield has slowly been declining. even though i have an assurance, i'm not expecting to get as much
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of a payment as i was normally get. >> he will likely have to cover most of the losses on its own. >> the impact of this is even more dramatic in the developing world where many countries rely heavily on imports. >> the world bank says the government's need to beef up programs to protect their most vulnerable communities from the increase in the cost of food. >> here's a more comprehensive look at how hard they can hit a ram glow. -- aroudn the globe. >> rising food prices are putting pressure on developing countries where many spend a higher proportion of their income on food. in the u.s., food represents 7% of overall expenses compared to 49% in as a rajan. -- azerbaijan.
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it affects the poor countries both in africa and asia. what's their countries that are dependent on food imports and they are unable to store food themselves meeting they have to export and then reimport. >> and helped to fuel the political upheaval in tunisia and egypt. egypt relies on imports to meet 50% of its food demand. wheat is its moore's important symbol. the price of bread is a sensitive political issue. >> developing countries are becoming increasingly urbanized.
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>> people's dietary options are changing with them. in almost every country, this week has to be imported. >> and they're warning of a looming under crisis. u.s. wheat prices were previously so low that it was not worth them growing the crop. now, they're offering subsidies to encourage them to plant wheat again. emerging economies such as brazil, mexico, and china are taking a hit. spending on food is matched by only developing countries. the value of money decreases' which leads to inflation. this could stunts of the economic growth of emerging nations. >> we know need to do. we have to invest in
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agriculture. but the state involved and invest in an agriculture aimed at helping the poor. >> what is needed is an end to imports, and irrigation systems, and increased storage capacity. if the political will was there, it will all be possible. experts say there is enough farmland to go around. no one has to start. >> one person is suffering can be another's gain. they blame futures trading for fluctuation on markets. this in all speculating on the future process. >> there are two involved, the producers who want to protect themselves from sudden price rises and then there are the speculators. >> it is just a game, as the gamblers say. they hope to make a killing with
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a few tricks up their sleeve whether it is on a casino or commodities markets. it is a game, critics say, and the poor are losing. they say commodities traders are driving up the prices of wheat exacerbating food crises around the world. how does this game marked? futures markets determine the price of grain long before it is targeted. it has benefits for farmers >> when european union subsidies are lorca farmers want security. they do not want to get virtually nothing. that is why i see the predetermining of the price. >> contracts cannot always account for natures whims'. this brings us to the second round.
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will the price of the future contract rise or fall? some experts fear that once reliable commodities markets are turning into casinos. >> until 10 years ago, things were really well. speculators are coming in and buying and flipping contracts just to make a small profit on each trade. >> the number of players and the number of contracts for both the increasing. >> you have other people who are essentially just making to look a quick -- make a quick profit. >> and then comes the final and most dangerous round. in times of high demand, they seek to drive up prices by claiming that supplies are now ready to be delivered to market. this scare tactic drives up
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prices and it makes them a quick profit. the world's poorest are priced out and may face hunger as a result. the moral implications seem to fall to the wayside. >> coming up, more from london. >> a pakistan a christian girl has been freed on bail. the young girl is possibly mentally challenged and her accuser is currently under investigation for making false allegations. >> the mars rover curiosity has set new photographs back to earth and nasa will use them to investigate changes on the martian surface.
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and then driven more than 100 meters and will begin collecting drilling samples soon. it has been a great day overall 14 germany at the paralympics, but the standout would have to be andrea. >> they rolled to gold besting her nearest rival by 10 minutes. >> one of the gold wins again on thursday when there were taking the top spot in the shot put after winning the javelin as to if you do is go. >> the evident pleasure in winning her second medal was clear to see. 10 point to 5 meters got her a victory and a new world record to boot.
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the 19-year-old with the crowd into a frenzy as he won the 100- meter sprint. he had the best time going into the final. he took the loss only stride with his eye on winning the 400 meter on saturday. she made up for missing on this medal in this tragic event grabbing silver in the individual road race behind china. >> silver? wow. it was a really hard race. i tried to give everything. >> it was a 48 kilometer push for the german athlete who lost part of her legs in a childhood accident. the german fans of marred celebrate. two silver medals in sailing and a bronze in the 200 meter. >> will he stay or will he go? the italian grand prix this
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weekend is buzzing with speculation that hamilton of team mclaren has received an offer from mercedes. >> if the rumors were weighing down on him, he did not show. he finished fast in mourning practices. hamilton finished first. he had problems with his foreign and close down third. >> a great f1 season. >> mor news at the top of the hour.
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